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GLOBAL MARKETS: Another Brexit blow as Panasonic leaves London

Panasonic is to move its European headquarters from London to Amsterdam in October to avoid potential tax issues linked to Brexit

07 September 2018 - 11:33

MOVING: Of the Panasonic’s London employees based out of its London office, 10 to 20 engaged in financial operations and auditing and financial operations will be moved to the Netherlands; with only investor relations staff will remain staying, the Nikkei report said. Picture: BLOOMBERG/DAVID PAUL MORRIS

Panasonic is to move its European headquarters from London to Amsterdam in October to avoid potential tax issues linked to Brexit, the Nikkei Asian Review reported last week. The move to continental Europe will also help the company avoid any barriers to the flow of people and goods, Panasonic Europe CEO Laurent Abadie told Nikkei. Britain is due to leave the EU in March 2019.

Emissions mission slows carmakers

German carmaker Volkswagen says only half its VW-branded passenger car models in Germany are compliant with a new pollution standard, thanks to a much tougher emissions testing regime. As of this month, cars in the EU must comply with the worldwide harmonised light vehicle test procedure, but Volkswagen has gained regulatory clearance for only seven of its 14 main model lines.

Carmakers including Daimler, Volkswagen and supplier Valeo have cut profit expectations, blaming a slowdown in sales triggered in part by delays in getting vehicles certified to the new standard.